I started work recently and although I don't hate it and I enjoy the people I work with - I think I want to try and make the move to an investment bank.
I'm looking at MM and boutiques as my resume isn't really going to make much higher (hence starting at big 4 in audit).
Does anyone have any advice or want to share anything about the transition from audit to banking?
Anyone else in the same boat?
I'm in a similar boat but don't have any advice that you probably haven't read here already.
I'm starting at a midtier in audit soon but interned last busy season. Although I like everyone I worked with in audit, I really can't see myself there for too long. I got put on a consulting rotation for two months and really enjoyed working with bright/driven people.
I'm not entirely sure that I'm set on IBD at the moment but here are some paths I'm considering:
Finish a year in audit then move to TAS (would also apply to TAS functions at consulting firms like FTI/Navigant or FAS at HLHZ). Try to move to banking from there.
Move to TAS as soon as possible and stay until manager then use the MBA -> banking route.
Other things I've thought about that don't involve banking:
An experienced tax associate at my firm made the jump to MM IBD earlier this year at a regional office so that always encouraging to see.
I'm always reconsidering myself and considering a move to IBD, consulting, or entrepreneurship. I don't personally know anyone who has made the move from audit to banking, but I also don't think there are any secrets. Network and build up your skill sets. One thought I've had is to get the ABV credential after the CPA. At least that would say you have some knowledge of valuation, though of course it's not a magic ticket.
My ultimate goal is entrepreneurship, and I'm staying where I am because I think being in Big 4 audit gives me several important things:
1) The world's best insurance policy (if I fail I have an instant job at any accounting department I want because of my Big 4 experience and the CPA credential) 2) A reasonable amount of time to start a business on the side, then an easy path to a good job in corporate that gives me marginally more time to continue to expand and get to a place where I can go all in 3) A reasonable salary that allows me to save up some capital 4) Probably the world's best soft skills training 5) A lot of contacts who will hold powerful industry positions in the future 6) Enough time to check the box on other important non-career things that I want to accomplish before it's too late (e.g. maintaining my health, getting married and building a solid family, staying involved in the community and being a good citizen, etc.)
Investment banking incomparison: 1) Not as much job security - the hordes of people looking for jobs on WSO should make that evident 2) No time whatsoever for a second job 3) Higher salary in IBD --> more capital. However, as a Big 4 auditor in a small city I'm making pretty close to the geographically-adjusted equivalent of an BB IBD analyst in NYC for about half the time commitment. 4) Good soft skills training in IBD too, but it's always Big 4 who top the rankings in terms of training. 5) Still lots of contacts who will hold powerful positions in the future - probably more so than Big 4. However, I don't think this difference is significant enough to have an impact on my future goals, especially considering my geographical location. 6) Not enough time for staying healthy, building a good relationship, or being part of your kids' lives.
The grass is always greener on the other side. I have the same discussion with myself all the time, and this is always the conclusion I come to. Having said that, someone else's goals and needs may have factors that lead to the opposite conclusion.
If you know anyone who has made the switch, please share the story here.
This topic is heavily discussed on WSO but I don't mind because it is the most relevant to me. I work as an auditor (a little more than a year) at a "top 10 firm," which doesn't hold any weight because no one outside of public accounting has ever heard of it and a lot of people in public accounting probably don't know it either.
I agree with naeko31, I would like to join a transaction/financial advisory group first, whether it be at a Big 4 firm or at a bank. Hopefully somewhere that values my audit experience and CPA (almost done). From there I will figure out the next move.
There are a bunch of connections I have that will hopefully help down the line but I think what we all want to know is what can we do while still in accounting to make ourselves/resumes more appealing the the finance world. Most people on this forum look down on auditors but there are a shit ton of extremely intelligent people in public accounting. Besides having a CPA which we can spin off as our ability to work long hours and master new information, what else can we do to appeal to bank recruiters? take corporate finance classes? financial modeling courses? what is worth the time and the money?
Great post 808 and I completely agree.
"Besides having a CPA which we can spin off as our ability to work long hours and master new information, what else can we do to appeal to bank recruiters? take corporate finance classes? financial modeling courses? what is worth the time and the money?"
This is what I would like to know also. I keep looking through the firm's services guide and internal openings to see what types of positions there are and what kind of skills they are looking for. I'm interesting in the possibility of passing the ABV exam, and by demonstrating the mastery of the content there and the interest in the area, that I may be able to transfer to a valuations group. I've looked through the firm's networking tool to people with this credential a ton of them work in the tax department doing valuations for tax purposes. I'm not sure whether this would be transferable to a more lucrative role however.
I think within each of our firms it will be very tough to move to the "corporate finance" roles but doing due diligence for TS would be a step in the right direction. I think at this point I'm going to show interest in that field while still keeping my eye open for MM IB roles and networking and keeping up with my contacts.
Have any of you expressed interest in moving out of audit with your manager/partner? I'm hesitant as I just started a month or so ago and don't want to sound like I'm already ready to leave. The firm "supports" it on paper but I'm not sure how it will actually be perceived. It would mean moving offices.
Tempora autem eos facere possimus deserunt quaerat. Sunt dolores sunt aut. Porro quidem architecto dolorem enim cum quisquam.
Ut et voluptas id quis. Odit veritatis magni et ipsum. Dolores nemo ut autem labore excepturi fuga fugit voluptatibus. Placeat modi repellat architecto unde dolore quo. Est voluptatem qui labore voluptas.
Fuga occaecati omnis voluptatem deserunt magnam molestiae. Quidem vitae ut ipsum et iure quod et. Eum quaerat quaerat et culpa eum quia molestiae. Earum expedita a sit eos et eum. Suscipit excepturi pariatur qui consectetur vel.
Et officiis atque sunt consequuntur quidem aut architecto et. Id dolore velit dolor.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...